Bitcoin has climbed back above the $65,000 mark, currently trading at $65,148.57 after a 1.2% increase over the last 24 hours. The asset maintains a dominance of 58.6% in the market.
Broader cryptocurrency markets also showed movement; Ether (ETH) rose over 3% to nearly $1,950, while Solana (SOL) and XRP gained between 1% and 2%. Analysts suggest that the significant rise in ETH indicates a rotation into alternative cryptocurrencies.
Global energy markets saw a notable shift as WTI futures fell approximately 5% to $85. Additionally, Brent crude oil dropped 4.7% to $92.19. This retreat in fuel costs has eased some concerns regarding inflation.
The shift in market sentiment follows a second day of paused military strikes between the United States and Iran. Iran stated it would continue to halt airstrikes as long as the U.S. maintained its position, following a fragile ceasefire that began in the second quarter after a conflict started in late February.
Traditional markets responded as Nasdaq and S&P 500 futures rose by half a percent. Meanwhile, the Australian dollar and euro gained value against the U.S. dollar.
Market analysts note that prices are responding to various macro developments. Regarding the Bitcoin cycle, it is noted that approximately 900 days typically pass between a Halving and the bottom; the current cycle is at day 827, with a potential final bottom forming within the next two months.
Looking ahead, markets are monitoring specific risks, including a 36.3% probability of a 25-basis-point rate increase. The Federal Reserve meeting on July 28-29 remains an immediate risk.
Updates
Market analysts suggest that the 65,000 USD level serves as a critical resistance point for Bitcoin; failing to maintain this threshold could pull the asset down to a support range between 61,000 and 62,000 USD. Conversely, a confirmed breakout above this resistance is projected to trigger further upward movement toward the 67,000 USD mark. Additionally, the recent ceasefire announcement in the Middle East is cited as a primary catalyst providing the emotional relief necessary to sustain current market gains.
Market analysts now suggest that the 65,000 USD level serves as a critical resistance point for Bitcoin. If the price fails to retreat from this area, upward momentum could push values beyond 67,000 USD, whereas a rejection may lead to a support testing range of 61,000 to 62,000 USD. Additionally, the recent ceasefire announcement in the Middle East is being cited as a key factor providing emotional relief and stability to the broader markets.
Bitcoin climbed further to nearly $66,000 following the Wall Street opening, while market activity saw nearly $250 million in short liquidations over the last 24 hours. Analysts note that BTC is currently holding support at its 21-day SMA of $64,289 and 50-day SMA of $63,261. Additionally, traders are maintaining a cautious stance ahead of the upcoming Federal Reserve meeting and major U.S. technology earnings reports.
Bitcoin has surged to near $66,000 following the Wall Street opening, while market data indicates nearly $250 million in short liquidations over the past 24 hours. Analysts highlight that the asset is currently maintaining support above its 21-day and 50-day moving averages at $64,289 and $63,261 respectively. Furthermore, QCP Capital expects continued tailwinds for the sector, citing potential progress on the proposed CLARITY Act legislation.
